Macro Morning: Dead cat bounce

By Chris Becker

The triple whammy of bad economic prints overnight, including a very flat UK CPI print for June, a negative German ZEW Survey, and disappointing retail sales in the US, could not keep markets down, even oil which jumped on the news of the Iranian nuclear deal. The only real loser were precious metals as King Dollar maintained strength.

Recapping Asia yesterday, where the Shanghai Composite fell a little over 1% rejecting the 4000 point resistance level and the call of the mandarins to not sell. There is an obvious swing play here, but this looks more like a dead cat bounce to me: